This Morning in Metals: G20 Wary of Slowing Growth, Calls for ‘Free, Fair’ Trade

by on

natali_mis/Adobe Stock

This morning in metals news, world leaders gathered in Japan this weekend for the G20 Summit, a deadline for bidding on the liquidated British Steel came and went June 30, and Australia’s iron ore exports are forecast to fall for the first time in 18 years.

Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook

G20 Leaders Meet in Japan

Trade issues once again loomed over the proceedings at the latest G20 Summit, this time held in Japan over the weekend.

For the second straight summit, references to protectionism did not not appear in the summit’s communique, Reuters reported.

“We strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, and to keep our markets open. International trade and investment are important engines of growth, productivity, innovation, job creation and development,” the communique said.

The communique also offered support for the World Trade Organization (WTO), while also noting changes must be made to improve its dispute settlement system.

“Furthermore, we recognize the complementary roles of bilateral and regional free trade agreements that are WTO-consistent,” the statement said. “We will work to ensure a level playing field to foster an enabling business environment.”

British Steel Deadline Passes

Following the liquidation of the U.K.’s No. 2 steelmaker British Steel in May, a June 30 deadline was set for bidding on the embattled firm.

According to Yahoo Finance U.K., up to nine potential buyers have reported interest, but the challenge comes in finding a buyer willing to take up the entire firm, as opposed to just parts.

According to the Yahoo Finance U.K. report, Network Rail has made an offer for the “railway-critical parts of British Steel.

Australian Iron Ore Exports Down

This year could see Australia’s first drop in iron ore exports in nearly two decades, Bloomberg reported.

Australia’s Department of Industry, Innovation and Science cut its 2019 forecast for iron ore exports from 867 million tons to 814 million tons.

MetalMiner’s Annual Outlook provides 2019 buying strategies for carbon steel

Rio Tinto also recently downgraded its 2019 iron ore guidance.

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.